A remarkable 100% increase in inflows has been observed in XRP, the seventh-largest cryptocurrency by market capitalization. In the last week alone, a staggering $185 million has been invested in digital asset investment products.
The latest CoinShares report states that investments totaling $185 million were made in digital asset investment products for the fourth week in a row. $2 billion in inflows in May helped the year-to-date total surpass $15 billion for the first time ever.
$148 million was invested in Bitcoin, whilst $0.8 million was invested in XRP. The fact that XRP saw $0.4 million the previous week—a 100% rise on this basis—is rather noteworthy.
Given that Ethereum ETFs were approved in May, there has been a lot of speculation regarding cryptocurrency exchange-traded funds (ETFs), therefore the doubling of inflows into XRP is very interesting.
Because they provide investors, particularly institutional investors, access to cryptocurrencies and other digital assets without requiring them to be held directly, crypto ETFs are important.
The CEO of Ripple, Brad Garlinghouse, stated at Consensus 2024 that an exchange-traded fund (ETF) based on XRP will inevitably be created and that it would only be a matter of time until many other cryptocurrencies were authorised for similar fund offerings.
Garlinghouse also forecast that the recent US approval of spot Bitcoin BTC and Ethereum ETFs will propel the cryptocurrency market to a $5 trillion valuation.
https://x.com/CoinSharesCo/status/1797606504742134059
As of this writing, XRP has increased by 0.98% to $0.521 over the previous day. With around $1 billion in 24-hour trading volumes, XRP enjoys a 70.88% surge in trading volume.
The price of XRP is currently attempting to make a strong move above the daily SMA 50, which is currently at $0.52, after recently trading close to it. Since mid-April, this barrier has severely limited the price of XRP.
Should bulls be successful in their mission, XRP will next aim for the $0.573 and $0.6 levels.
